Christmas? Tax Return Season Is Here!

Christmas sees the team at Avanti working as hard as the elves in Santa’s workshop as we aim to submit all clients tax returns online.on time.no fine for the 19th consecutive year.

The 31st January 2018 saw a huge 10.7 million customers submitting their tax return making it a record breaking submission for HMRC, a whopping 9.9 million self assessment returns were completed online, more than 92.5% of the total return submitted were online.

According to gov.uk, there were 758,707 people who completed their return on the last day before the deadline and the most popular hour for customers to hit submit was from 4pm to 5pm on 31 January with 60,596 returns received (1,010 per minute, 17 per second). Thousands of customers avoided any penalties at the last minute as 30,348 customers completed their returns from 11pm to 11:59pm

What if you miss the submission deadline?

The penalties (as listed on gov.uk) for late tax returns are:

an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time

after 3 months, additional daily penalties of £10 per day, up to a maximum of £900

after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater

after 12 months, another 5% or £300 charge, whichever is greater

There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.

Still not registered for self assessment?

HMRC advise “If you did not send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first.” Avanti can assist you with registering for self assessment.

Who has to file?

If your only income comes from wages or a pension, you don’t normally have to submit a tax return, but you may need to send one if you have any other untaxed income, such as:

money from renting out a property

tips and commission

income from savings, investments and dividends

income from self employment

foreign income

(this list is not exhaustive)

Are you one of the 758,707 people who at this time last year had not filed and still haven’t filed your return for the year end 2018? Avanti (08000) 388 799 can help, and will be available to help you file online.on time. no fine right up to the deadline*

*subject to all applicable paperwork being received/ cut off point 2pm 31st January for new clients

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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